Director Shareholding

Grainger Trust PLC
24 January 2003


The following directors of Grainger Trust plc were today awarded the following
conditional share awards and share options in the ordinary share capital of
Grainger Trust plc.
 

Director                    Number of shares      Number of shares over
                       conditionally awarded      which options granted
                                                
Rupert Dickinson                      15,641                     39,103
Andrew Cunningham                     11,470                     28,675
Sean Slade                             7,820                     19,551

     
The price at which both the conditional award and share options were granted was
£9.59, being the average mid-market price of the shares for the previous five
working days.
 

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